期刊
EUROPEAN ECONOMIC REVIEW
卷 55, 期 1, 页码 2-30出版社
ELSEVIER
DOI: 10.1016/j.euroecorev.2010.11.002
关键词
Inflation; Deflation; Fiscal theory of the price level
类别
I use the valuation equation of government debt to understand fiscal and monetary policy in and following the great recession of 2008-2009. I also examine policy alternatives to avoid deflation, and how fiscal pressures might lead to inflation. I conclude that the central bank may be almost powerless to avoid deflation or inflation; that an eventual fiscal inflation can come well before large deficits or monetization are realized, and that it is likely to come with stagnation rather than a boom. (C) 2010 Elsevier B.V. All rights reserved.
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